Khalid Al Marzooqi says the utility is ‘deep-pocketed’ and exploring expansion, including major cooling opportunities at Dubai’s new Al Maktoum International Airport
Tabreed, the UAE’s leading district cooling utility, is gearing up for a new phase of expansion following a landmark AED 3.8 billion (approx. US$1 billion) acquisition of PAL Cooling Holding. The deal, announced Tuesday, was made in partnership with CVC DIF, the infrastructure investment platform of global private equity giant CVC.
Speaking on the sidelines of the announcement, Tabreed CEO Khalid Al Marzooqi said the company is “deep-pocketed” and has its sights set on further acquisitions to strengthen its regional presence and support long-term growth.
“We believe in strategic expansion,” Al Marzooqi said. “The acquisition of PAL Cooling Holding is a significant milestone, but it is far from our last. With strong backing and the right partners, we are well-positioned to pursue more opportunities.”
Al Marzooqi emphasized that CVC DIF was the “right and strong partner” for the deal, aligning with Tabreed’s vision for sustainable and scalable infrastructure development. The acquisition includes more than 260,000 RT (refrigeration tons) of cooling capacity and adds to Tabreed’s already extensive footprint across the UAE and the wider GCC.
In addition to the PAL Cooling acquisition, Al Marzooqi revealed that Tabreed is actively exploring opportunities linked to the upcoming expansion of Dubai’s Al Maktoum International Airport — a mega-project expected to redefine the city’s aviation and logistics sector. He noted that large-scale district cooling solutions would be vital to supporting the infrastructure of what’s projected to be the world’s largest airport.
“Al Maktoum Airport presents enormous potential for long-term district cooling infrastructure,” he said. “We are in early discussions, and we see it as a strategic area for investment and innovation.”
Tabreed, officially known as the National Central Cooling Company, has long been a pioneer in the region’s district cooling space, known for providing energy-efficient and environmentally sustainable cooling solutions across commercial, residential, and government developments.
With the UAE’s climate-driven push toward energy efficiency, Tabreed is positioning itself as a key player in the nation’s sustainability journey, and Al Marzooqi’s comments signal that the company is not only ready — but eager — to play an even larger role.
“The fundamentals are strong, our capital structure is robust, and we are aligned with national priorities,” he said. “This is just the beginning.”
